2024年4月，国内三大证券交易所正式发布了可持续发展报告信息披露指引（试行），2025年1月又发布 了可持续发展报告编制指南，为国内上市公司在ESG信息披露方面提供了指引和方向。上市公司积极响 应监管号召，今年以来披露2024年度可持续发展报告的上市公司数量继续增加，报告质量进一步提升， 在ESG治理方面的重视程度明显提高，管理绩效也进一步改善。日前，2024年度华证A股ESG评级已正 式对外发布，最新评级结果可在公司官网、华证SMART ESG赋能平台、同花顺（300033）、新浪财 经、青绿等平台查询。 1. 2469家A股上市公司发布独立的2024年度可持续发展报告，占全部A股的45.6%，同比增长17% 截至2025年4月30日，共有2469家A股上市公司中发布独立的2024年度可持续发展报告（包括ESG报 告、社会责任报告、可持续发展报告等），较上一年度增长17%，发布可持续发展报告的上市公司占全 部A股的45.6%，较上一年度增加6.5个百分点。 按盘别看，华证大盘指数的ESG报告披露率为90.3%，华证中盘指数的披露率为66.6%，华证小盘指数 的披露率为38.8%，华证微盘指数的披露率为19 ...

港股晨报 2025 年 7 月 17 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：美联储独立性受挑战，美债息率或有上升压 力 港股通交易保持净流入状态，但金额持续减少。北水昨日净流入 16.03 亿港元， 较上日少 58.1%。北水净买入最多的个股依次是美团 3690.HK、建行 939.HK、 康方生物 9926.HK；净卖出最多的依次是腾讯 700.HK、小米 1810.HK、金山 云 3896.HK。 板块表现方面，12 个恒生综合行业指数中，7 个上升 8 个下跌。4 个上升的板 块为医疗保健、电讯、必需性消费及综合企业，涨幅为 0.83%-0.05%；下跌的 板块中，地产建筑、资讯科技、金融、能源及可选消费领跌，跌幅为 1.13%- 0.29%，超过恒生综指的 0.28%跌幅。 美股昨晚回升，美国上月生产物价指数增幅低过预期，市场对通胀忧虑略为缓 和。美股三项主要指数均高开，但其后有报道指，美国总统特朗普将解雇美联 储主席鲍威尔，大市一度倒跌，特朗普否认报道后，大市由低位反弹。道指、 标指及纳指均收涨，升幅分别为 0.53%、0.32%及 0.25%。 我们认为，特朗普正在试探市场 ...

各位下午好我是普云国际首席宏观分析师金晓文最近我们刚刚发布了下半年的宏观经济展望这儿也是想借此机会跟大家讲一下我们对下半年经济的一些主要的看法 首先除了两个国家的经济之外相信关税对不管是中美还是全世界的大部分国家的经济今年的可能影响都是比较大的所以我们首先想跟大家讲一下关税战接下来会如何演变的问题 特朗普上台以来他的关税政策应该说是引发了全球的一个矩阵尤其是他4月2号的对等关税政策对等关税政策应该说是远超大家的预期虽然说他之后有所找补就是暂缓了中国以外的对等关税的实施之后也是跟中国达成了90天的修正协议 但是由它引起的关税方面这一个不确定性依然是在困扰着这个市场的一个发展我们也是可以看一下说这个个性化部分的对等关税应该说都是比较高的中国大陆有34%日本和欧盟这边也是维持在一个比较高的水平上 在双边的谈判方面我们看到应该说只有英国和美国达成了一个贸易协定英国是少数美国的贸易伙伴中对美国存在着贸易顺差而不是逆差的国家所以就不难理解双方谈判会比较推进值得注意的是作为后续谈判的一个 一个重要的参考美国依然保留了对英国大部分进口商品10%的最低的基准关税其次谈判比较快的可能就是像越南和台湾等对美国经济依赖比较高的国家和 ...

美股盘初，主要行业ETF涨跌不一，半导体ETF跌超1%，网络股指数ETF涨超0.5%。 | 半导体ETF - ... | 283.77 | -3.72 (-1.29%) 55.76万股 | | | --- | --- | --- | --- | | us SMH | | | | | 能源业ETF - ... | 88.54 | -0.59 (-0.66%) 155.90万股 | | | us XLE | | | | | 科技行业ET ... | 254.34 | -1.51 (-0.59%) | 27.86万股 | | us XLK | | | | | 全球科技股 ... | 92.69 | -0.55 (-0.59%) | 8023股 | | us IXN | | | | | 医疗业ETF - ... | 134.83 | -0.36 (-0.27%) | 87.57万股 | | us XLV | | | | | 生物科技指 ... | 131.37 | -0.22 (-0.17%) | 57942股 | | us IBB | | | | | 全球航空业E ... | 24.99 | -0.04 (-0.1 ...

Core Viewpoint - The A-share market is experiencing structural differentiation amid a steady domestic economic recovery and external uncertainties, with a shift from trend speculation to valuation and return matching [2] Group 1: Market Environment - The A-share market is navigating through fluctuations with ongoing internal and external disturbances, including geopolitical tensions and global capital reallocation [2] - The consumer sector is in a complex recovery phase, with some categories showing signs of marginal recovery while others face performance and valuation rebalancing due to reduced policy support [2] Group 2: Investment Strategies - The focus is on "profit-driven, value investment" principles, emphasizing the balance between growth and valuation, as well as risk and drawdown management [2] - Investment strategies will prioritize consumer companies with robust fundamentals, strong cash flow, and sustainable business models, while maintaining flexibility to adapt to potential policy impacts and macroeconomic fluctuations [2] Group 3: Long-term Investment Themes - Emerging consumer categories are expanding, driven by brand power and changes in consumer demographics and channels, with opportunities in beauty, small appliances, personal care, and functional foods [3] - The globalization of domestic brands continues, with Chinese brands leveraging local supply chains and cost advantages to penetrate global markets, particularly in IP, tea, food, and 3C electronics [3] - The revaluation of dividend assets is becoming significant, with high ROE, stable dividends, and strong free cash flow consumer companies attracting more capital, indicating a shift towards return-focused investment [4] Group 4: Future Outlook - Despite cyclical disturbances in the consumer industry in the second half of 2025, structural, differentiated, and long-term opportunities are emerging [4] - The approach will remain research-driven, focusing on industry trends and company fundamentals to select high-quality companies capable of navigating cycles and delivering sustainable long-term returns [4]

Group 1: Market Performance - Energy sector ETF increased by 0.45%, closing at 89.13 with a volume of 15.08 million shares and a market cap of $22.32 billion, reflecting a 5.72% increase [1][2] - Consumer discretionary ETF rose by 0.03%, closing at 221.43 with a volume of 3.35 million shares and a market cap of $27.81 billion, showing a slight decline of 0.82% [1][2] - Global airline ETF decreased by 2.26%, closing at 25.03 with a volume of 3.13 million shares and a market cap of $78.84 million, indicating a 1.26% decline [1][2] Group 2: Sector Specifics - Biotechnology index ETF fell by 1.54%, closing at 131.59 with a volume of 1.65 million shares and a market cap of $10.45 billion, down by 0.38% [1][2] - Regional bank ETF declined by 1.07%, closing at 62.89 with a volume of 1.40 million shares and a market cap of $5.25 billion, reflecting a 5.63% increase [1][2] - Financial sector ETF dropped by 1.04%, closing at 52.16 with a volume of 30.29 million shares and a market cap of $58.06 billion, showing an 8.69% increase [1][2]

金融界7月11日消息，上证指数高开震荡，中证港股通大消费主题指数 (港股通大消费，931027)上涨 0.58%，报3094.05点，成交额519.69亿元。 数据统计显示，中证港股通大消费主题指数近一个月下跌6.35%，近三个月上涨9.12%，年至今上涨 17.94%。 作者：行情君 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本股定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下 将对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题 企业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速 纳入相应的行业主题指数中。样本公司发生收购、合并、分拆情形的处理，参照计算与维护细则处理。 当港股通范围发生变动导致样本不再满足港股通资格时，指数将进行相应调整。 跟踪港股通大消费的公募基金包括：泰康中证港股通大消费主题A、泰康中证港股通大消费主题C。 本文源自：金融界 据了解，中证港股通大消费主题指数从港股通范围合资格证券中选取符合大消费主题的不超过50家香港 ...

2025 年 07 月 10 日 jianyuhan@kysec.cn 证书编号：S0790525050005 当前次新股之风再起 自 2024 年 9 月起，次新股开始重新占优。万得次新股指数从创立至今，行情走势分 为两段：第一段 2018 年 5 月至 2021 年 12 月，指数相对走势大幅上涨，累计涨幅 2735.00%；第二段 2022 年 1 月至今，相对走势呈现宽幅震荡格局，表现为先上涨、 后下跌，再上涨；但自 2024 年 9 月至今，次新股开始重新占优，相对走势触底后中 枢大幅抬升，呈向上趋势。 基金在次新股上的持仓较少，拥挤度低，未来存在较大提升空间。根据基金重仓股 的上市时长分析，基金在次新股上存在欠配，表现为"关注但仓位轻"，其中有未解 禁的原因。一旦股票的上市时长从 3 年提升至 6 年，次新股的商业模式得到认可和 时间考验，基金对其的关注度和仓位大幅提升。 经济信心提升下，次新股扬帆起航 策略研究团队 ——投资策略专题 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 次新股何时占优——相对经济信心的提升带来的风偏上行 ...

Group 1 - The core index of the cultural industry, the China Securities Cultural Industry Index, closed at 1881.59 points, showing mixed performance among the three major A-share indices [1] - The China Securities Cultural Industry Index has increased by 4.85% in the past month, 16.46% in the past three months, and 11.27% year-to-date [2] - The index includes companies involved in various cultural sectors such as news publishing, broadcasting, cultural arts, and creative services, reflecting the overall performance of listed companies in the cultural industry [2] Group 2 - The top ten weighted companies in the index include Focus Media (10.15%), Giant Network (5.14%), and Kaiying Network (4.98%), among others [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (77.41%) and the Shanghai Stock Exchange (22.59%) [2] - The industry composition of the index shows that communication services account for 95.23%, consumer discretionary for 3.18%, and industrials for 1.59% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Market Overview - Major industry ETFs in the US stock market experienced an overall increase, with the biotechnology index ETF rising over 2%, and the semiconductor ETF increasing by more than 1% [1] Biotechnology Sector - The biotechnology index ETF is priced at 132.10, reflecting an increase of 2.77 (+2.14%) with a trading volume of 63,515 shares and a total market value of 10.489 billion [2] Semiconductor Sector - The semiconductor ETF is currently priced at 286.79, showing an increase of 3.31 (+1.17%) with a trading volume of 314,300 shares and a total market value of 33.90 billion, which is up 18.42% year-to-date [2] Global Technology Sector - The global technology stock index ETF is priced at 93.68, with an increase of 0.76 (+0.82%) and a trading volume of 5,242 shares, reflecting a year-to-date increase of 10.75% with a total market value of 1.312 billion [2] Airline Industry - The global airline industry ETF is priced at 24.13, with an increase of 0.19 (+0.79%) and a trading volume of 19,832 shares, but it has a total market value of 76.095 million, down 4.81% year-to-date [2] Healthcare Sector - The healthcare ETF is priced at 135.87, showing an increase of 0.90 (+0.67%) with a trading volume of 447,400 shares and a total market value of 26.001 billion, down 0.38% year-to-date [2] Technology Industry - The technology sector ETF is priced at 257.92, with an increase of 1.63 (+0.64%) and a trading volume of 158,900 shares, reflecting a total market value of 82.034 billion, up 11.30% year-to-date [2] Regional Banks - The regional bank ETF is priced at 63.48, showing an increase of 0.33 (+0.53%) with a trading volume of 353,000 shares and a total market value of 5.298 billion, up 6.62% year-to-date [2] Banking Sector - The banking ETF is priced at 58.74, with an increase of 0.28 (+0.48%) and a trading volume of 31,939 shares, reflecting a total market value of 4.547 billion, up 7.38% year-to-date [2] Consumer Discretionary - The consumer discretionary ETF is priced at 218.65, showing an increase of 0.99 (+0.45%) with a trading volume of 61,987 shares and a total market value of 27.463 billion, down 2.06% year-to-date [2] Financial Sector - The financial sector ETF is priced at 52.38, with an increase of 0.17 (+0.33%) and a trading volume of 1.314 million shares, reflecting a total market value of 58.301 billion, up 9.15% year-to-date [2] Utility Sector - The utility ETF is priced at 81.24, showing an increase of 0.10 (+0.12%) with a trading volume of 557,800 shares and a total market value of 11.794 billion, up 8.85% year-to-date [2] Energy Sector - The energy ETF is priced at 88.25, with a decrease of 0.26 (-0.29%) and a trading volume of 815,100 shares, reflecting a total market value of 22.100 billion, up 4.67% year-to-date [2]